CEMEX Participates in GCC Corporate Restructuring
August 29 2016 - 6:35AM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that
it will be participating in the proposed corporate restructuring of
Grupo Cementos de Chihuahua, S.A.B. de C.V. (“GCC”) that was
announced by GCC and which has the purpose of simplifying GCC’s
current shareholder structure. CEMEX currently owns an indirect
minority interest in GCC. In connection with the corporate
restructuring, if approved by GCC’s shareholders as proposed, CEMEX
will directly own 23% of the outstanding share capital of GCC and,
additionally, own a minority interest in CAMCEM, an entity which in
turn will own a majority interest in GCC as a result of the
proposed restructuring.
CEMEX currently expects to hold its minority interest in CAMCEM
resulting from the corporate restructuring as a long-term
investment and therefore expects to remain an indirect minority
shareholder of GCC. The 23% direct interest in GCC that CEMEX will
hold as a result of the proposed corporate restructuring is
currently being considered as an option among other CEMEX assets
available for divestment in the context of CEMEX's previously
announced asset divestiture plans.
The proposed GCC corporate restructuring has been approved by
the Federal Economic Competition Commission in Mexico (Comisión
Federal de Competencia Económica), and still requires the approval
by GCC’s shareholders to be completed.
CEMEX is a global building materials company that provides high
quality products and reliable service to customers and communities
in more than 50 countries. Celebrating its 110th anniversary, CEMEX
has a rich history of improving the well-being of those it serves
through innovative building solutions, efficiency advancements, and
efforts to promote a sustainable future.
For more information on CEMEX, please visit: www.cemex.com
For more information on GCC, please visit: www.gcc.com
This press release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties,
and assumptions. No assurance can be given that the transactions
described herein will be consummated or as to the ultimate terms of
any such transactions. CEMEX assumes no obligation to update or
correct the information contained in this press release. CEMEX is
not responsible for the content of any third-party website referred
to herein.
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version on businesswire.com: http://www.businesswire.com/news/home/20160829005339/en/
CEMEXMedia RelationsJorge Pérez, +52 (81)
8888-4334mr@cemex.comorInvestor RelationsEduardo
Rendón, +52 (81) 8888-4256ir@cemex.comorAnalyst
RelationsLucy Rodriguez, +1 (212)
317-6007ir@cemex.com
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